Riyadh, Dhu al-Hijjah 17, 1441 AH/ 07 August 2020, SPA
Today, a conference call took place between HRH Prince Abdulaziz Bin Salman Al Saud, Energy Minister of Saudi Arabia; HE Suhail Mohamed Al Mazrouei, Minister of Energy and infrastructure of the UAE; HE Khaled Ali Al Fadhel, Minister of Oil and Acting Minister of Electricity & Water of Kuwait; HE Sheikh Mohammed bin Khalifa Al Khalifa, Minister of oil of Bahrain; HE Mohammed bin Hamad Al Rumhy, Energy Minister of Oman; and HE Ihsan Abdul Jabbar Ismail, Oil Minister of Iraq.
The Ministers reviewed the recent developments in oil markets, the continued recovery in the global economy and oil demand, and the progress made in rebalancing the oil market.
At the end of the call, they issued the following statement:
“The Ministers are very encouraged by the recent signs of improvement in the global economy and commend the efforts taken by countries all over the globe to reopen their economies in a safe way.
The Ministers reaffirmed their full commitment to the OPEC+ agreement. They emphasized the importance for all OPEC+ countries to meet their production targets in order to accelerate the rebalancing of the global oil market, and for those who overproduced in May, June and July to compensate for those volumes.
The Ministers expressed their thanks and appreciation to HE Minister Ismail for his great efforts and cooperation to achieve the balancing of the oil market, while stressing Iraq’s importance to the success of the OPEC+ agreement.
The Ministers stressed, again, that full commitment to the OPEC+ agreement and the compensation mechanism will accelerate the recovery of the global oil market to the benefit of oil producers, consumers, the energy industry and the wider global economy.”
